I recently read an amazing book for business owners by John Warrillow. The book is titled Built to Sell: Creating a Business That Can Thrive Without You, and it covers seventeen tips in total. However, I only want to share eight of these tips with you because I felt that they were better suited for entertainment business professionals. Here they are:
Don’t generalize; specialize. If you focus on doing one particular thing well and hire or work with specialists in that area, the quality of your work will improve and you’ll stand out amongst your competition.
Don’t rely too heavily on one client. It’s risky and will turn off anyone that’s considering giving money to your business or brand. Try to make sure that no one client makes up more than 15 percent of your income.
Avoid “the cash suck.” Charge up front or use progress billing to create a positive cash flow cycle.
Don’t be afraid to turn down projects. Prove that you’re serious about specialization by turning down new business opportunities that fall outside of your area of expertise. You can’t possibly be a master of all trades. Plus, the more people you say no to, the more referrals you’ll get.
Take as much time as you need or hire a consultant to figure out how many business opportunities in your sales pipeline will likely convert into actual sales. This number will allow you to scale for growth.
Offer your management team a long-term incentive plan that rewards their individual performance and loyalty.
Find an adviser that know’s and is passionate about your industry.
Think big! A one to three-year business plan that paints a picture of what is possible for your business can be a tremendous tool for success. Do it yourself or hire someone like me to take care of it for you.